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BATS Global Markets CEO Joseph Ratterman, NYSE Euronext CEO Duncan Niederauer and Nasdaq OMX Group CEO Robert Greifeld met with officials from the Securities and Exchange Commission reportedly to talk about the executives' concerns over the volume of equity trading outside of exchanges. "The numbers are pushing them to really want to refocus regulatory attention," SEC Commissioner Daniel Gallagher said. "If you look at the market share of exchanges, the numbers are at all-time lows." Register for SIFMA's Equity Markets Forum and learn major developments in market structure and its regulation.

BATS Global Markets is looking for a new president, sources say. The exchange operator's former leader, William O'Brien, left the company in July, when Joe Ratterman, the CEO, took on the title. O'Brien's departure was tied to BATS' settling allegations that one of its divisions treated high-speed traders more favorably than it treated other traders.

Recent trading glitches at BATS Global Markets have led the Securities and Exchange Commission to speculate that the same problems may be happening at other exchanges. Joe Ratterman, CEO of BATS, said Thursday the problems are "indicative of complexity in the markets." Regulators, he suggested, should study how that complexity is leading to mistakes.

Joe Ratterman, CEO of BATS Global Markets, said the exchange operator is still inspecting for flaws in its trading system. However, he defended BATS' testing procedures despite disclosures that thousands of trade executions may have violated U.S. law. The glitches have prompted the Securities and Exchange Commission to speculate that the same problems may be happening at other exchanges.

Launched in January 2006, Bats Trading has built up a 10% market share in equities in the U.S. in less than two years. Recently, the electronic trading platform filed with the Securities and Exchange Commission to become an exchange. "Our motivation to become an exchange stems from our desire to participate directly in the national market system," said Joe Ratterman, CEO of Bats. "We also desire to be on the same regulatory playing field as our primary competitors, Nasdaq and the New York Stock Exchange."